- The silver price has halted its decline, but is still far from recapturing the 200 day EMA.
- A third daily close below the 200 day EMA will consolidate the downtrend of the silver price.
- Silver Price Analysis: A break below $21.40 would expose the $21.00 level.
the price of silver it tries to recapture the 200 day EMA, but falls short of recapturing the $21.94 level, which would prop up XAG/USD towards the psychological $22.00 mark. However, the Silver price is posting gains, and XAG/USD is trading at $21.71 after hitting a daily low of $21.44.
Once XAG/USD extended its losses beyond the 200 day EMA, sellers found it difficult to drag prices below the weekly low of $21.43. The Relative Strength Index (RSI) is in bearish territory but has turned flat meaning bears are getting a breather before trying again to push prices towards the Nov 28 low at $20.87.
In the short term, the 1 hour chart for XAG/USD suggests that the pair is sideways. Although the white metal fell towards the S1 daily pivot at $21.40, it found offers and rose back above the daily pivot at $21.64. However, if it fails to break above the daily R1 pivot at $21.84, the daily chart trend would remain intact.
That said, the first support for XAG/USD would be the daily pivot at $21.64, followed by the S1 pivot point at $21.40. A break of the latter and the next line of defense for silver bulls would be the S2 daily pivot at $21.19, followed by the S2 zone at $20.96.
XAG/USD 1 Hour Chart
XAG/USD Key Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
